Bitfarms Rebrands to Keel Infrastructure, Coppercoin Opens Global 24 7 Market, Australia Enacts Crypto Rules, Dubai Unveils Crypto Rulebook, and more...

Good morning. It's April 1st, and this is your daily brief in crypto. Here's everything

you need to know. Bitfarms is shifting from pure Bitcoin mining to high-performance computing

infrastructure and plans to redomassile in the United States, rebranding as keel infrastructure,

with keel trading symbols to commence after the redomassiliation completes.

The company projects a 2.2 gigawatt development pipeline across North America

and expects AI-driven revenue to start in 2027, supported by a grid interconnected secured and

expandable capacity mix. Shareholders approved the U.S. redomassiliation and the keel rebrand,

with closing anticipated around early April 2026. Keel will become the parent company and trade

under keel post redomassiliation. Liquidity stands around $520 million as of March 27, 2026,

comprised of roughly $359 million in unrestricted cash and about $161 million in unencumbered Bitcoin,

underpinning ongoing site development. The company reduced debt by repaying $100 million of

its Macquarie facility to improve financial flexibility during the capital-intensive buildout.

A 2.2 gigawatt development pipeline across Washington, Pennsylvania and Quebec

is supported by the liquidity position, enabling continued site development and expansion.

Non-GAP measures include adjusted EBITDA, which excludes mark-to-market and realized gains or

losses on Bitcoin, and these figures are not a substitute for GAP results. The company provides

reconciliations to EBITDA and adjusted EBITDA and notes forward-looking statements accompany the

results. Management emphasizes capital allocation, a stronger balance sheet, and leveraging

infrastructure to meet growing demand for HPC and AI workloads. A detailed press release includes

financial reconciliations, forward-looking statements, and a conference call set for March 31, 2026,

to discuss results in strategy. Bitfarms is actively selling Bitcoin to fund the transition

away from a crypto-focused balance sheet, with plans to eventually hold no Bitcoin.

As of the report, the company holds about 1,827 Bitcoin, realizing $28.2 million in gains

from sales in 2025 and continuing to monetize holdings.

DataVault AI and CopperCore are teaming up to launch CopperCoin, a digital token that

represents pro-rata ownership in in-ground copper resources with pricing linked to the

COMEX Copper Benchmark. The initial program targets $100 million and is planned to launch by

the end of Q22026, offering 24-7 access to tokenized Copper for global investors. CopperCoin aims

to improve market efficiency, transparency, and investor access as Copper plays a growing role

in electrical infrastructure, renewable energy, and technology. For more details, readers can

visit DataVault AI's website and newsroom for updates and disclosures. The release includes

cautionary language about forward-looking statements, regulatory developments for tokenized assets,

and SEC filings describing risk factors. Additional cautions address regulatory changes,

shifts in market demand, and execution uncertainties related to digital assets and tokenized

resources. Executives Nathaniel T. Bradley and Antonio Tremino emphasize institutional grade

verifiable digital ownership and a 24-7 pathway for value realization in the critical

mineral supply chain. Leaders say the milestone advances the firm's global real-world asset tokenization

strategy and accelerates value through a modern blockchain structure. DataVault AI frames itself

as a leader in AI-driven data experiences and web 3.0 monetization, offering AI, ML automation,

and analytics tools as part of the platform. Tokenizing physical commodities is presented as a

major shift that could broaden participation in markets historically less accessible to a broad

set of investors. CopperCoin is described as a compliant liquid pathway for worldwide

investment in copper exposure and potential production upside, with ownership and trading

conducted on a modern blockchain-based vehicle designed to capture upside as output grows.

Australia has moved to regulate digital assets with a new law that creates the first

comprehensive framework for crypto assets. The Corporation's amendment, digital assets framework.

Bill 2025 requires crypto exchanges and custody providers to obtain an Australian

financial services license from ASIC, applying core rules similar to brokers or fund managers.

The aim is to boost consumer protection, market integrity, and regulatory certainty

while targeting mid ecosystem entities that control customer funds rather than the crypto itself.

The Bill amends both the Corporation's Act and the ASIC Act to cover digital asset platforms

and sets out safeguards for client assets, standardized disclosures, and dispute resolution

mechanisms. Exemptions are provided for smaller players, such as low value and incidental

activity allowances, to shield startups from prohibitive licensing costs while preserving protections.

Regulators gain expanded powers to set custody, governance, and risk management rules,

with civil penalties for non-compliance alongside some exemptions for smaller platforms.

Industry reaction calls the legislation a major milestone, signaling clearer standards

and stronger protections, and it includes calls for broader reforms like a stable coin framework.

Platforms must operate efficiently, honestly and fairly, with clear disclosures on asset storage

and robust governance and risk controls. The framework extends to AML and CTF reforms,

including the FATF travel rule, requiring data sharing of sender and recipient information

for transfers between exchanges. An addendum clarifies the law applies to platforms that

actually hold customer crypto, including shared control setups like MPC, not merely controlling

technology. Regulators say the reforms address debanking by raising compliance standards to encourage

banks to service license platforms, and Royal Ascent is pending with the Act to commence 12 months

after Ascent to allow a transition period for firms. Dubai unveils version 2.1 of VARA's

Exchange Services rulebook, expanding its scope to cover trading of exchange traded derivatives

in virtual assets for all licensed exchange service providers. The update aims to align

innovation with governance, transparency, and investor protection as Dubai positions itself as

a global crypto hub. It builds on UAE efforts to regulate crypto derivatives and extends access

beyond institutional pilots seen in 2024 and 2025. Margin and collateral requirements are tightened

with automatic liquidations possible if collateral falls below required levels to maintain market

stability. Before onboarding retail clients, virtual asset service providers must conduct suitability

assessments covering financial position, trading experience, and risk tolerance, and restrict

access when products exceed a client's risk profile. VARA retains broad emergency powers to intervene

during market stress, including suspending products, forcing liquidations and raising margins,

with the ability to act without prior notice when urgent. Firms must segregate client assets and

accounts and provide enhanced disclosures and communications aligned to marketing rules to

mitigate counterparty and systemic risks. Separately, charger reports a drone attack on a major

communications building with no casualties, and urges reliance on official sources and caution

against spreading unverified information. Industry voices say higher governance standards are

needed and welcome a framework that provides confidence in a rigorous enforceable regime.

Retail traders face a leverage cap of 5 to 1 with at least 20% initial margin,

while institutions operate under the same framework. Regulators are actively enforcing

compliance highlighted by VARA's March 2026 warning to Kucoin for unlicensed activities in Dubai.

A new regulatory framework in Russia centralizes crypto activity through licensed

intermediaries, expanding state oversight while limiting access for non-qualified investors and

broadening access for qualified ones. Transactions must flow through regulated intermediaries

and direct peer-to-peer trades without intermediaries are prohibited. Administrative liability

will be imposed on organizations that engage in unlicensed exchange activity as part of stronger

oversight. A licensing regime will cover crypto operators such as digital exchanges and

custodial services, with banks and brokers allowed under specified potential requirements.

The government approved a package of draft bills to legalize and regulate digital currencies

and digital rights, directing domestic crypto trading through licensed intermediaries.

The aim is to balance access with heightened supervision to create a more regulated,

transparent and safer Russian crypto market. The framework titans trading regulation by

channeling activity through licensed intermediaries to boost transparency and reduce risks to

retail investors. Firms will face licensing requirements and penalties for non-compliance,

including potential bans on using foreign exchanges for Russians and mandatory reporting of

foreign transactions to the federal tax service. Non-compliance by firms triggers administrative

penalties, with emphasis on security, compliance, and fraud prevention to foster investor confidence

in a regulated market. Critics argue the move titans control over the crypto market and could

limit access to foreign exchanges. Some warn the rules may push activity into unregulated

channels or underground venues, potentially undermining oversight despite formal regulation.

Regulations authorize the issuance and exchange of digital assets on publicly traded networks,

expanding beyond the previous closed system and increasing market participation.

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